RBA Stevens – even more comments …

• Says intervention can be useful at times
• FX intervention cannot fight against fundamentals
• Have thought about intervening, decided to eschew
• Floating exchange rate has worked very well

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Uh, yeah … eschew … OK, right:

Thanks Mr. S., that’s two things I’ve learnt today.

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ps. There is no way the RBA is going to intervene in the AUD around these levels at present. It is close to the 85 cent ‘target’ Stevens has in mind.

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Earlier comments from Stevens here and here

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More:

• Always disruptive when the Fed changes course